LIC Jeevan Lakshya Plan Table No:833 – Endowment Plans

LIC’s Jeevan Lakshya policy is a combination of protection and savings plan. This policy provides life cover during the policy term and Sum Assured + Bonuses on survival as maturity. In case of unfortunate death of Policyholder any time before maturity, Jeevan Lakshya policy provides 10% of sum assured every year till masurity as Annual Income benefit that may help to fulfill the needs of the family & children and at the time of maturity it again provides 110% of Sum Assured + Bonuses as maturity. This plan also takes care of liquidity needs through its loan facility.

On DeathIn case of death of policy holder during policy term, 10% of Sum Assured will be provided to nominee every year till one year prior to maturity, and On maturity, 110% of Sum Assured + Simple Reversionary Bonus + Final Addition Bonus will be payable as maturity amount.

On Maturity“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any.

Surrender ValueThe policy can be surrendered during the term of the policy provided at least three full years’ premiums have been paid

Policy LoanLoan can be availed under the policy after payment of premiums for atleast 3 full years.TaxesThe amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder

Since Premium paying term is 3 year lesser than policy term, so premium will be payable for 18(21-3) years in this case.Maturity benefit illustrationAt maturity, Jeevan Lakshya provides Sum Assured + Simple Reversionary Bonus + Final Addition as maturity amount on survival of policy holder. Following table indicates the maturity details.

Year

Sum Assured (Guaranteed)

Bonues (Variable)

Maturity Amount (Approx)

2038

5,00,000

5,54,000

10,54,000

Death benefit illustration

In case of unfortunate death of policy holder during policy term, this plan proivides 10% of sum assured every year till maturity and again at competion of policy term maturity amount is also payable. To understand this benefit, let’s suppose death happens 10 year after taking this policy, age of the policy holder and year at time of death will 38 and 2024 repectively. 10% of sum assured will be payable from year of death till maturity and on completion of the policy term maturity benefit will be also provide. Following table provides year-wise details.